There are several tax changes taking effect in 2025. In the United States, the Internal Revenue Service (IRS) has announced annual inflation adjustments for tax year 2025, which include increases in standard deductions. For single taxpayers and married individuals filing separately, the standard deduction rises to $15,000, while for married couples filing jointly, it increases to $30,000.
Additionally, some states are implementing tax changes. For example, Maine is amending its tangible personal property tax structure to require lessees to pay sales tax on leased property, effective January 1, 2025.
It's also worth noting that there are proposals for more significant tax reforms, such as Project 2025's tax plan, which could potentially raise taxes on low- and middle-income households while cutting taxes for the wealthy and large corporations. However, these proposals are still being debated and have not yet been implemented.
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